Article on Schacht's career, including his support for Hitler, protecting the currency, promoting reconstruction, and support for Goering's Four Year Plan

VOELKISCHER BEOBACHTER 21 January 1937.
Dr. Schacht 60 Years Old
On 22 January the Deputy Reich Minister for Economics and President of the Reichsbank, Dr. Schacht, will be 60 years old.
Dr. Schacht's career commenced in the Dresdner Bank, of which he already was a Deputy Director at the age of 32. During the initial months of the World War he was the Adviser on Questions of Financial and Currency Policy in the Banking Sec-tion-of the German Government-General in Belgium. In 1916 he became leading member of the board of directors of the Nationalbank von Deutschland, which became prominent among the big
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banks as the "Daermstaedter und Nationalbank" after its merger with the Daermstaedter Bank.
When currency policy was being discussed during the years of inflation, when it was discussed whether Germany should return to the gold standard or create a national internal currency, Dr. Schacht ranged himself with the adherents of the gold standard. At the end of 1923 he became, at first, Currency Commissioner, and thereafter, on 22 December 1923, President of the Reichsbank.
Many National Socialists still remember this period when Dr. Schacht first became president of the Reichsbank. Dr. Schacht's merit, in taking steps against exaggerated use of foreign short-term credits and the financing of public agencies— especially of the municipalities—with foreign funds, is indisputable. When it became clear, after acceptance of the Young Plan, that the government of the Republic would waive some of the few rights that had still been granted to Germany, Dr. Schacht resigned from his office as President of the Reichsbank.
Schacht recognized that under the old system no salvation for Germany would be possible. In this critical period Schacht never failed to point at Adolf Hitler as the only possible leader of the Reich. On 12 March 1933 Adolf Hitler entrusted Schacht with the office of President of the Reichsbank, and in 1934 with that of Deputy Reich Minister for Economics. Dr. Schacht has devoted himself to his work with extraordinary diligence, extensive professional knowledge and energy, and he has mastered the difficult problem of safeguarding the currency, which was and is the prerequisite for reconstruction.
The name of Dr. Schacht will remain linked with the transition of the German economy to the new National Socialist methods. The service which Dr. Schacht has rendered in taking care of our indebtedness abroad is very great; thanks to him, our work of reconstruction could at least not be hampered from that direction. Through the "New Plan" Dr. Schacht has also completed the adaptation of German commercial policy to conditions that prevailed because of the disruption of world economy. While he was in charge of the Reich Ministry of Economics, unemployment disappeared, the value of German currency was preserved and the rate of interest was lowered. In spite of enormous public works the public finances are in good order. Dr. Schacht has been in the forefront of those who have cooperated in bringing about the German economic boom characterized by these data. '
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Because of that his work has also contributed toward laying the foundations which are now aiding Hermann Goering in carrying out the Four Year Plan. Hermann Goering has confirmed the fact that he is also building on Dr. Schacht's work, by thanking him during the big meeting in the Sportpalast on 28 October.
The Four Year Plan has charted an entirely new course for German economic policy. It is emerging from the period of preparation and advancing toward the Socialistic expansion of the economy. Dr. Schacht is working side by side with the men who,| under the Commissioner of the Fuehrer, are primarily active in implementing the Four Year Plan. At any rate, the period of preparation in the field of economic policy is characterized by his name just as much as the period of the Four Year Plan, and the beginning of Socialistic expansion, will be designated by the name of Hermann Goering.